AIP said the fund will put money in securities that
offer strategic and tactical opportunities to employ
relative value and arbitrage trading strategies in a
variety of publicly traded securities. These securities may
include common and preferred stock, other debt instruments
including convertible debt, options and futures.

According to AIP’s announcement, each sub-adviser for
the fund has a mandate in specific alternative investment
strategies and techniques.

Approach Goals

This approach is designed to:

reduce overall portfolio risk

dampen volatility

enhance total returns

minimize the fund’s correlation to equity and
fixed-income market indices, while providing investors
with consistent returns through a variety of market
cycles.

A portfolio research-consulting firm that specializes in
hedge fund-of-funds management has also been retained to
assist in sub-adviser selection, portfolio allocation,
ongoing portfolio analytics and sub-adviser performance
monitoring.

Early Subscriptions

The subscription period for Alpha Strategies I Fund,
continues through September 19, 2002, with the fund
actually starting to invest on September 20, 2002. During
the subscription period, investors can invest in the Alpha
Strategies I Fund at an offering price of $10.00 per share.
The minimum initial investment is $25,000. AIP said.

AIP said the new product might be attractive to as
institutional investors such as pension and retirement plan
sponsors, endowments and foundations as well as clients of
private bank, trust companies and financial planning
firms.